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Good Thursday morning,
The mosh pit continues with sharp up-and-down price action, but as we said recently, expect more of the same until after Labor Day. Case in point: after NVDA reported earnings last night, futures dropped sharply but have since recovered. The expected move in the stock was +/- $12, and this morning the stock is only down $1. If you sold volatility, you made money; if you bought volatility, you lost. Trading is a zero-sum game, folks. Try to get on the winning side!
📊 In the profile pic and key levels below, futures are mildly higher, and price is above the first key level, which is the POC, at 6,492.25. Price action that stays above this level keeps the edge with the buyers. Any move above the prior day's high of 6,502.50 and the overnight high of 6,506.75 would set up a push toward our upper targets at 6,520–6,530. Now, if sellers take price below the POC, the next stop is the half-back at 6,488 and VAL (Value Area Low) at 6,486.25. Any loss of these levels would open the door to further liquidation and lower targets at 6,475–6,465.
Futures are currently trading at 6,499 at the time of this writing.
🧭 VPOC Update: Some might have figured it out already, but we put in another new VPOC, this time below price at 6,456. This is a more bullish sign! We have none above and now five below the current price.
Current VPOCs:
- 6,456.00
- 6,264.50
- 6,146.00
- 6,091.00
- 6,050.00
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,520 - 6,530
Key Levels: 6,492.25
downside target is: 6,.475 - 6,465
/NQ upside target is: 23,775 - 23,800
Key Level: 23,647.50 VAH
downside target is : 23,500 - 23,475
/RTY upside target is: 2,405 - 2,410
downside target is: 2,375 - 2,370
Economic Data :
GDP @ 8:30 a.m. EST
Jobless Claims @ 8:30 a.m. EST
Pending Home Sales Index @ 10:00 a.m. EST
EIA Natural Gas Inventories @ 10:30 a.m. EST
More Color By : Rich Rickus
1. / ES - Key Demand $6425-20 Supply above at $6506
Bullish : Sellers trapped above $6460 looking to play a break and retest above $6465 long targeting $6455 then $6488
Bearish Buyers trapped below $6460 looking to play short after a break and retest below $6450 targeting $6410 then a break down into $6395
2. SPY Key demand at $645 with Supply above at $649
Bullish Sellers trapped above $645 looking to play a break and retest from $646 long targeting $649 then a breakout into high $650s
Bearish Buyers trapped below $645 after a break and retest below $644 targeting $642 then a breakdown into $641
3./NQ Key demand at $23380- 23400 with Supply above at $23700
Bullish Sellers trapped above $23700 looking to play a break and retest above $23724 long targeting $23850 then a breakout back into low $24100
Bearish Buyers trapped below $23300 looking to play short from below $2375 targeting $23100
4. QQQ Key Demand at $569 with Supply at $573
Bullish Sellers trapped above $568 looking to play a break and retest from $569 targeting $573 then a breakout into high $575
Bearish Buyers trapped below $568 looking to play a break and retest below targeting $565 then $564
Have a great day!
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